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Middle-Class Consumers Dread Serious Illness

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Middle-class consumers may be more afraid of a serious illness or injury, or even of home repairs, than of losing money in an economic downturn.

Analysts at LIMRA, a nonprofit life insurance industry market research group, and Maddock Douglas, a consulting firm, offer a peek at what scares consumers now in a new survey report. The survey team polled about 2,500 consumers ages 26 to 75 in the United States and Canada. The consumers identified themselves as “middle class.”

About 66% of the participants said the idea of losing a significant portion of their investments in an economic downturn is a major or minor concern.

Somewhat more described suffering a serious injury or illness as a concern: 72% identified getting injured as a concern, and 79% identified suffering a serious illness as a concern.

The analysts also asked survey participants about their advisors. About 26% were using financial advisors or planners, 12% were using bank advisors, and 11% were working with insurance agents or brokers.

Budget management was a planning concern for 65% of the participants, and saving for retirement was a priority for 47%. 

— Read Out-of-Pocket Health Costs May Shock Retirees on ThinkAdvisor.